At the heart of the New Jersey action was this claim by the SEC on that August, 2010 morning:

“the State did not adequately disclose that it was under funding TPAF and PERS, why it was under funding TPAF and PERS, or the potential effects of the under funding”

Of course New Jersey was also under funding the PFRS, the State Police plan, and the Judges’ plan and has continued to systemically under fund the plans through the inane idea (which they made law) of putting in a fraction of the ARC annually (i.e. defaulting on a larger fraction) which allowed governor Christie to say with confidence and some pride in his last state of the State address:

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to 30 seconds of applause. Of course he might instead have said that this budget contains the largest pension default, $2.3 billion, on a contribution made by the state of New Jersey though that would not have been true.

According to census figures total employment in Union County is at 202,372. According to New Jersey pension records 20,878 of those jobs are in government. Theoretically then 10% of the members of the Union County Democratic Committee should also be working in government to be representative of the general population. It’s not even close. When […]